v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Consolidated Real Estate Investments    
Land $ 61,160 $ 61,997
Buildings and improvements 291,826 317,395
Intangible lease assets 10,979 10,979
Construction in progress 23,912 21,237
Furniture, fixtures, and equipment 7,455 10,356
Right-of-use assets ($442 and $534 with related parties, respectively) 442 1,998
Total Gross Consolidated Real Estate Investments 395,774 423,962
Accumulated depreciation and amortization (54,726) (50,028)
Total Net Consolidated Real Estate Investments 341,048 373,934
Investments, at fair value ($426,382 and $421,746 with related parties, respectively) 568,440 568,610
Equity method investments ($0 and $700 with related parties, respectively) 30,587 33,788
Investments in DSTs ($33,559 and $33,559 with related parties, respectively) 33,559 33,559
Cash and cash equivalents 11,666 8,166
Restricted cash 39,871 43,241
Accounts receivable, net 2,427 2,868
Prepaid and other assets ($287 and $0 with related parties, respectively) 8,829 8,557
Accrued interest and dividends 2,370 1,366
Interest rate caps 0 65
Deferred tax asset, net 372 498
Total Assets 1,039,169 1,074,652
Liabilities:    
Mortgages payable, net ($14,140 and $10,000 with related parties, respectively) 196,670 224,995
Notes payable ($62,297 and $63,700 with related parties, respectively) 75,530 76,892
Prime brokerage borrowing 5,907 5,136
Accounts payable and other accrued liabilities 28,252 28,810
Income tax payable 268 273
Accrued real estate taxes payable 2,536 3,689
Accrued interest payable 12,058 10,627
Security deposit liability 422 403
Prepaid rents 416 437
Intangible lease liabilities, net 1,539 2,065
Lease liability ($454 and $546 with related parties, respectively) 454 546
Total Liabilities 324,052 353,873
Redeemable Series B Preferred Shares, $0.001 par value: 16,000,000 authorized; 1,878,475 and 911,003 shares issued and outstanding, respectively 41,825 20,379
Redeemable noncontrolling interests in the OP 294 309
Equity:    
Series A Preferred Shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 and 3,359,593 shares issued and outstanding, respectively 3 3
Common shares, $0.001 par value: unlimited shares authorized; 53,106,027 and 50,132,605 shares issued and outstanding, respectively 53 50
Additional paid-in capital 1,073,969 1,062,114
Accumulated earnings (loss) (401,027) (362,076)
Total Shareholders' Equity 672,998 700,091
TOTAL LIABILITIES AND EQUITY $ 1,039,169 $ 1,074,652